The CRCS- Sahara Refund Portal was launched today by the Union Government, with the portal being inaugurated by Union Home Minister and Minister of Cooperation Amit Shah in Delhi. This portal aims to facilitate the return of funds to over 10 crore depositors of the Sahara Group. With the launch of the Sahara Refund Portal, the process of refunding the money that was stuck in four cooperative societies of the Sahara Group has commenced.
The Ministry of Cooperation had previously filed an application in the Hon’ble Supreme Court of India to address the grievances of genuine members and depositors of the Sahara Group of Cooperative Societies. The Central Registrar of Cooperative Societies (CRCS) was instructed to transfer Rs 5,000 crores from the “Sahara-SEBI Refund Account” in accordance with a Supreme Court ruling dated March 29, 2023, in order to pay the depositors’ rightful obligations.
The CRCS-Sahara Refund Portal has been developed for the submission of legitimate claims by genuine depositors of the Sahara Group’s cooperative societies, namely Sahara Credit Cooperative Society Ltd., Saharayan Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd.
The initial phase of the refund program would pay out up to Rs 5,000 crore to depositors, with each depositor only eligible for receiving Rs 10,000. This initial phase serves as a trial, and if successful, the refund amount may be increased in the future. Approximately 1 crore and 7 lakh investors can register on the refund portal and claim up to Rs 10,000 in the initial phase, out of the 4 crore eligible depositors.
To claim a refund on the Sahara Refund Portal, depositors need to ensure that their Aadhaar is linked to their mobile numbers and bank accounts. They are also required to provide receipt details and download a form, which should be filled and re-uploaded on the portal for further processing.
The money will be paid into the policyholders’ bank accounts after the reimbursement procedure is finished, which is anticipated to take 45 days. The CRCS-Sahara Refund Portal aims to protect the interests of cooperative members and address the genuine claims of depositors who invested in Sahara Group’s cooperative societies.
